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Bancor (BNT)

$0.2469 (13.82%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
164 $17,072,800.00 $11,995,900.00 69,148,600 BNT 21 13.82% 10.23% -$34.12

Exchange Pair Volume (24h) Price
Binance BNT/BTC 157,481.00 0.0000280000
Binance BNT/ETH 97,994.00 0.0014560000
Poloniex BNT/BTC 1,584.37 0.0000272800
Bittrex BNT/BTC 2,025.88 0.0000282900
AEX BNT/USDT 319,728.00 0.2380000000
Bitrue BNT/BTC 63,053.00 0.0000272200
LATOKEN BNT/ETH 68,125.00 0.0014495000
OKEx BNT/USDT 39,169.00 0.2430000000
Bitrue BNT/ETH 352.82 0.0014030000
Livecoin BNT/BTC 194.42 0.0000270500
ChainEX BNT/BTC 1,652.37 0.0000278800
IDCM BNT/BTC 7,052,647.00 0.0000280000
IDCM BNT/ETH 1,633,385.00 0.0014645500
IDCM BNT/USDT 1,398,774.00 0.2480000000
CoinBene BNT/BTC 896,278.00 0.0000280100
OKEx BNT/BTC 2,684.40 0.0000280000
HitBTC BNT/BTC 104,148.00 0.0000278500
HitBTC BNT/USD 34,871.00 0.2441930000
Bancor Network ETH/BNT 201,362.00 709.4818569751
Bancor Network ENJ/BNT 6,174.99 0.3690952942
Bancor Network BAT/BNT 6,155.95 0.9170163572
Bancor Network ELF/BNT 3,658.60 0.2577710549
P2PB2B BNT/BTC 3,179.61 0.0000279000
Bancor Network KNC/BNT 2,254.96 1.2166821155
Bancor Network OMG/BNT 2,041.09 3.4281843987
Bancor Network SAN/BNT 1,639.12 0.9461690961
P2PB2B BNT/ETH 1,284.27 0.0014220000
Bancor Network SRN/BNT 1,190.13 0.0230778362
Bancor Network EURS/BNT 1,163.90 4.6991237998
Bancor Network MRPH/BNT 1,105.98 0.4494444732
Bancor Network SPD/BNT 1,031.43 0.0003266157
Bancor Network VIB/BNT 1,013.29 0.0787277545
Bancor Network SNT/BNT 925.25 0.0449101000
Bancor Network REQ/BNT 920.35 0.0477969653
Bancor Network RVT/BNT 877.24 0.0432510750
Bancor Network XDCE/BNT 872.65 0.0042773774
Bancor Network RLC/BNT 823.55 2.1600023270
Bancor Network GTO/BNT 638.46 0.0304116574
Bancor Network MTL/BNT 603.79 1.0242697842
Bancor Network WINGS/BNT 525.28 0.0909719782
Bancor Network DATA/BNT 516.40 0.0627143118
Bancor Network RDN/BNT 515.39 0.5319441776
Bancor Network DRGN/BNT 495.17 0.1506735042
Bancor Network MFG/BNT 370.79 0.0035683192
Bancor Network MNTP/BNT 241.87 0.5436083456
Bancor Network X8X/BNT 210.44 0.0199414374
Bancor Network AMPL/BNT 138.15 4.1629905579
Bancor Network FTX/BNT 133.77 0.0359419571
Bancor Network XNK/BNT 129.94 0.0025655368
Bancor Network FKX/BNT 121.53 0.0144070486
Bancor Network EDG/BNT 35.77 0.0408213238
Bancor Network ELET/BNT 6.44 0.0238045039
Bancor Network REF/BNT 2.90 0.4516189680
YoBit BNT/BTC 0.89 0.0000324900
HitBTC BNT/ETH 248.84 0.0014678900
Bitfinex BNT/BTC 19.99 0.0000287200
Bancor Network BNB/BNT 1,437.87 74.0060987125
CREX24 BNT/BTC 14.31 0.0000287100
Bittrex BNT/ETH 162.03 0.0014129100
YoBit BNT/RUR 0.27 16.0000000000
Upbit BNT/BTC 20.06 0.0000230100
YoBit BNT/ETH 0.11 0.0013593300
Bitfinex BNT/USD 195.20 0.2100000000
YoBit BNT/USD 0.14 0.2411253000
OKEx Korea BNT/BTC 1.75 0.0000270000
Bancor Network FXC/BNT 3,905.54 0.0099317348
P2PB2B BNT/USDT 3,656.26 0.2181000000
P2PB2B BNT/USD 2,867.36 0.2181000000
Bancor Network ONG/BNT 2,153.82 0.0150996285
Kyber Network BNT/ETH 1,721.24 0.0014281152
Uniswap BNT/ETH 1,199.89 0.0014216346
Bancor Network DTRC/BNT 1,082.99 0.0008521767
Bancor Network TKN/BNT 969.33 0.6591145814
Bancor Network ABX/BNT 946.92 0.0235945574
Bancor Network REM/BNT 480.79 0.0146357799
Bancor Network EGX/BNT 468.87 383.5745332091
Bancor Network WBTC/BNT 346.83 36,969.5423625139
Bancor Network ANT/BNT 296.53 2.5927528105
Bancor Network FLIXX/BNT 276.45 0.0221603754
Bancor Network AGRI/BNT 188.32 0.0537550954
Bancor Network XBP/BNT 182.34 0.0010583779
Upbit Indonesia BNT/BTC 136.02 0.0000230100
Bancor Network MYB/BNT 126.65 0.0021898649
Bancor Network VEE/BNT 68.55 0.0052657839
Bancor Network MRG/BNT 53.58 0.0013063539
Bancor Network CMCT/BNT 50.03 0.0021014510
Bancor Network TRST/BNT 35.81 0.0521433324
Bancor Network QDAO/BNT 36.35 83.7108891582
Bancor Network USDQ/BNT 22.03 4.5553061163
Bancor Network REAL/BNT 16.44 0.1541399178
Bancor Network CAN/BNT 15.07 0.0661187841
Bancor Network STAC/BNT 10.85 0.0001259066
Bancor Network LOCI/BNT 9.04 0.0026333188
Bancor Network AUC/BNT 7.60 0.0152602986
Bancor Network COT/BNT 5.78 0.0001211560
Bancor Network WAND/BNT 4.43 0.0249577496
Bancor Network C20/BNT 2.91 2.1803219842
Bancor Network KIN/BNT 2.12 0.0000489729
Bancor Network GES/BNT 1.74 0.0000261422
Tidex BNT/BTC 2.11 0.0000485100

Background

Bancor targets a growing market for small cap crypto assets not listed on major exchanges which typically demand high liquidity. The Bancor Network, built on top of the Ethereum blockchain, facilitates token issuance and offers an open marketplace for crypto assets with potentially thin supply, e.g. tokenized merchandise by a local music band. Tokens trade instantly, on-chain, and can be made directly from any Ethereum wallet. User fees are limited to the gas needed to process the transaction via the Ethereum blockchain. Exchanges are governed by the Bancor Protocol and a novel extension of the ERC20 token standard called Smart Token. Continuous liquidity and deterministic price slippage is guaranteed for Smart Tokens through price and supply regulation encoded in the Smart Token contract. In effect, a Smart Token contract functions as a completely automated and decentralized central bank for the underlying token. The Smart Token standard can accommodate fiat trades (introduced in Q2 2018) and potentially non ERC20 tokens. Most notably, the protocol aims to integrate with EOSIO mainnet blockchain. [1] Smart Token applications are not limited to plain utility tokens. Smart Token contracts can act as a decentralized exchange for any ERC20-compliant tokens (Smart Tokens included); as a stable peg to another crypto asset (including non-ERC20 tokens, once cross-blockchain support is implemented); or serve as an intermediary token for exchanging token pairs not explicitly supported by Smart Token contracts in the network. The later is the main purpose of Bancor’s own Smart Token, BNT, which can be exchanged to all Smart Tokens in the Bancor Network rendering all token pairs in the network interchangeable. Further potential applications of Smart Tokens are described in the whitepaper including an elegant solution for on-chain price oracles. While any ERC20-compatible token can be exchanged within the Bancor Network, the team’s primary mission is to bring liquidity to low cap tokens. As the crypto economy grows, it is expected low cap crypto assets will eventually make up a significant fraction of the total market capitalisation. Similar long tail phenomenon are observed in mature online markets, for example books with too little volume to be carried by regular bookstores make up an estimated 30-40% of the titles sold on Amazon.

Technology

The main technical difference between the Bancor Network and other decentralized exchanges such as KyberNetwork or 0x is automatic market making that dynamically adjusts token supply in response to market orders. Each Smart Token has one or a few reserve tokens, called connector tokens, that can be exchanged for Smart Tokens. Each contract holds a reserve of connector tokens which is initially funded via the Smart Token issuance. [2] The market price is deterministic with zero spread and no counterparty needed to fill an order. Instead, the Smart Token smart contract automatically either mints or burns the required amount of Smart Tokens with an offsetting transaction to top up or withdraw from the connector token balance in return. The price at which the order is filled is calculated so that the ratio between the connector token balance and the value of outstanding Smart Tokens remains unchanged. This fixed ratio, called connector weight, is always in the range between 0% and 100%, defining price elasticity. [3] In other words, connector weight defines how aggressively the Smart Token price surges in response to buy orders, with 100% representing a stable peg. Smart Tokens can be traded on external exchanges as well, while arbitrage opportunities are expected to eventually even out the prices offered by the Bancor Network and elsewhere. Connector weights and the number of connectors are set by the issuer upon smart contract creation and define the use case scenario of the token. Tokens with total connector weight below 20% are considered liquid. For example, the Bancor Network Token (BNT) has a single ETH connector with a weight of 10%, which makes it relatively stable (in terms of historical volatility) against ETH while leaving room for growth. Configurations with a total connector weight of 100% may have one, two, or more connectors. A configuration with a single connector, called a Proxy Token, makes a stable peg, allowing existing ERC20 tokens to be backward compatible with the Bancor Network. Two or more connectors may be used, such configurations are called Relay and Array tokens, to make a trustless index token with pro rata share adjusted value of connector tokens. The team expects more applications to appear as new features are implemented. The major risk for the Bancor Network is the premise that low cap crypto assets will represent a substantial user base and market share. While virtually any asset can potentially be exchanged on the platform, the team rightly focuses on tokens with low liquidity thus targeting a niche with less competition. Already liquid assets are unlikely to generate volume in the Bancor Network. Indeed, for orders with large volumes the quoted price will likely to be worse than what is offered on high-volume exchanges due to price slippage. To date, the Bancor Network, like other decentralized exchanges has struggled to show substantial daily volume, which is typically range bound between $1-10 million comparing to $1-2 billion for the largest centralized exchanges. It is not clear at the moment if and when the long tail phenomenon will reveal itself for crypto assets. Like other decentralized exchanges, technological risks include the dependence on the underlying Ethereum blockchain and attack vectors on the pricing mechanism, e.g. front-running orders. [5] While not seriously affecting the operation of the Bancor Network at the moment, such risks may become relevant if the platform succeeds in attaining large trading volumes.



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